Focusing on Mental and Physical Wellness Is a Long-term Good for Small Business Owners

In my day-to-day work as the Head of Small Business for Bank of America, I am often in meetings where I hear the stories of small business owners all over the country. They’re stories of resilience and ingenuity, based on some of the most determined folks living out their dream. This Small Business Week I want to take a moment to think about not just what small business owners and entrepreneurs provide to us, their customers and communities, but what they need to continue running their businesses in a way that’s healthy and sustainable.

Our latest Small Business Owner Report found that 84% of small business owners say that the pandemic has created extra stress around running their small business.

The last few years have seen a cultural shift toward a better understanding of ourselves and our wellness needs, both mentally and physically. For small business owners, their jobs can be all-consuming and leave little time to focus on keeping themselves well. But burnout is real, and without an effort to achieve balance, it can contribute to long-term stressors that impact their bottom line.

My belief is that a focus on holistic wellness is a key component of any strong business plan and has to be built into the way that small businesses operate. As we look to the rest of this year and beyond, taking time to build a solid plan for staying well will help small business owners care for themselves and bring their best to growing their businesses.

Here are a few key areas that I feel will help them find a healthy balance.

Setting boundaries

Never underestimate the power of structure!

Making decisions ahead of time like setting up smart budgets to anticipate spending/cashflow and creating time boundaries so small business owners are not pulled into an endless workflow can help to reduce fatigue.

Reevaluate your brand purpose

If anything has kept us going over the last few years, it is understanding our impact on the world around us.

Small business owners can infuse fresh meaning into keeping up with the day-to-day by looking at what purpose their business has, and even evaluating new elements to layer into their business plan based on changing needs in their community.

Consumers also care more about shopping from purpose-driven brands in 2021. Our Small Business Owner Report found that many small business owners believe a commitment to social justice attracts customers (29%), gives them a competitive advantage (25%) and positively impacts their bottom line (24%).  

Making time to step away

At the end of the day, small business owners need a break like anyone else.

Whether it means hiring a strong #2 to be able to take proper vacation time or setting aside dedicated time for lunch, small business owners should treat themselves with the same level of care and compassion that they extend to their staff.

Time with family and friends, hobbies, and even rest all contribute to a life that has good perspective and allows for decompression and heading back to work refreshed.

By taking steps like these, small business owners will be able to bring their best selves to work and continue loving what they do. That’s a positive for all of us.

By Sharon Miller, Bank of America Head of Small Business

Read more about how small business owners are feeling in our 2021 Small Business Owner Report.